Ecombd

Wednesday, May 31, 2006

Written by: S.M.Mehdi HassanKorea, Asia’s Third largest economy, in 2005 acquired fifth position in automobile production. Automobile industry is a very competitive one and Korea is the home of some famous car making companies like-- Hyundai, Daewoo. Hyundai is the world’s 7th largest car producing company. Automobile is one of the major export items of Korea and in 2005 it produced 3.7 million cars out of which, 2.6 million have been exported. The first second third and fourth places were taken by USA, Japan, Germany, and China. To celebrate this success on Tuesday a ceremony took place at the Grand Inter Continental in Seoul. In that ceremony Korea’s Commerce Minister, Chung Sye-kyun said “We will seek to overcome the current challenges of the business environment and become a winning global player through endless efforts to improve our automobile productivity, which will call for trimming costs."This huge success has made Korean car makers very ambitious and now they are planning produce 7.6 million cars by 2015. Congratulations to Korean Automakers!!! they have done a great job.